You have made the significant and potentially lucrative choice to open a franchise. Among countless other decisions, you will need to select a location. Choosing the site for your new operation could mean the difference between success and failure. You must carefully consider several complex factors before bringing the proposal to your franchisor.
Factors influencing site location
We have all heard the old phrase when real-estate hunting: location, location, location. The location can prove just as critical as the franchise you select. Because there are so many details involved, it can feel intimidating to address them all. However, by examining them rationally, you can put yourself in the best position possible to choose the right site.
You should consider aspects such as:
- Visibility to customers
- Rent prices
- Zoning regulations
- Relationships with local brokers and realtors
- Nearby competitors
- Neighborhood demographics
- Traffic patterns
- Parking availability
- Accessibility to customers with disabilities
In addition to its obvious importance, selecting a location is the key in making your franchising dreams a reality. After all, your franchise cannot begin until you have the site in mind.
After you make the final decision
After examining all the criteria, you propose the site to your franchisor. The corporation will have the final say over the location, so organize your research and be prepared to defend your favorite choice. Once the franchisor approves, details such as commercial contract drafting and review can begin. Signing the lease on a commercial space has such high stakes and such potential pitfalls that you should never do it hastily. With patience, due diligence and determination, though, you will soon see your franchise flourish.